Red candles dominate the crypto market on Tuesday as major assets are still not gearing up to recovery. The leading crypto asset Bitcoin is trading a little above the 33k mark and has slipped significantly in the 24-hour scale.
The crypto market cap has also declined 3.05 percent and is currently at $1.37 trillion with a $62.75 billion trading volume in 24 hours.
The woeful tales on the market also affected major altcoins too. Amongst the top altcoins, Ethereum is down by 4.11 percent and is trading at $2,020, Dogecoin by 4.39 percent, and Cardano by 2.89 percent. Equally, Binance Coin went down by 2.77 percent while Uniswap and Polkadot declined by 5.43 and 3.21 percent respectively.
As the Chinese crackdown persists and regulations tighten, exchanges are losing trading volume rapidly. Trading volume has taken a downturn by 40 percent since June and the majority of trading volume on the 24-hour scale is basically in stablecoins. The dominance of Bitcoin in the crypto market is 45.35 percent at the time of this report.
JPMorgan Chase Team Bearish Prediction
Although indicators are pointing towards more buys for Bitcoin, the strategists from Wall Street JPMorgan are predicting a rough market for Bitcoin. The prediction is triggered by the adoption of Bitcoin in El Salvador as a legal tender.
According to the analysts, BTC currently has a low trading volume and its extreme price volatility is a significant limitation as a potential medium of exchange.
Rumors are making the rounds that the tech company Apple might invest in the digital asset. However, the rumors have failed to awaken Bitcoin or any other digital assets as the market plummets slightly further.